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Tuesday, April 21, 2009

Rate cut's by RBI

* Repo Rate reduced by 25 basis points to 4.75% pa (the rate at which it infuses liquidity in the banking system)

* Reverse Repo Rate reduced by 25 basis points to 3.25% pa (the rate at which it absorbs surplus liquidity from the banking system)

* Cash Reserve Ratio as well as Bank Rate unchanged (currently at 5% and 6% respectively)

This reduction in both Repo Rate as well as Reverse Repo Rate comes on back of a similar 50 basis point cut announced on March 4, 2009.

The Reserve Bank of India has decided to cut rates keeping in mind deteriorating global macro-economic & monetary developments as well as broad weakening of economic parameters in the domestic markets such as non-food credit off-take, declining pace of growth of domestic deposits in the banking system as well as further weakness in consumer confidence.
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